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Rendered speculation: BMW building a supermini?

According to Motor Authority, word on the wire is that BMW will be making a minicar below the 1-series that will share the current MINI platform. The car will also be front wheel drive, and cost less than the MINI, which would make it the cheapest BMW one could buy.

Apparently the car is driven by several factors, including the fact that green is increasingly seen as corporate gold. There are also regulatory issues, in light of EU fleet averages and CO2 standards -- that Z6 and hypothetical supercar are going to need some sort of frugal foil. BMW is also paying attention to Audi, which is coming out with a small car of its own, though that car is aimed at the MINI. Apparently development work is already underway. If such a car is on the way, what would it be called? The BMW Zero?